Tuesday, January 6

  • The Beat: News & Reviews


  • May 12, 2008 9:44 am US/Pacific
    Is Seattle Recession Resistant?

    by Aaron Fields | KSTW.com




    With all this talk about recession and people making drastic changes to their lifestyles to accommodate the economic downturn, I thought it was a good time to present a report I found that names Seattle as one of America's Top Recession- Proof Cities. What does this mean? According to Forbes, the median home price has risen 1.2%, unemployment has gone down to 4.3% from 4.5%, and the manufacturing industry has the strongest growth out of the 50 largest metropolitan areas in the U.S.

    My theory on the recession is thus : It depends on who you're asking. I have plenty of perceptions from both sides of the spectrum and realize that while there are some who are greatly effected already, there are others who seem to have a much easier time coping.

    Take me for instance. On a very serious note, I feel like I was born into a recession. Why do I say that? Because I have grown up in a house hold that struggled to make ends meet and focused on necessities rather than wants. I know how to live within my means. My idea about a recession is different from some others who aren't used to that lifestyle. Listening to conversations about this issue from both sides of the story, there are signs of a balance between those that are negatively impacted and others that don't seem to be doing so bad.

    Surprising as it may be, there are some business that are flourishing during this time and experiencing record sales and traffic to their establishments. Though this could be a result of people altering their eating-out habits to less expensive restaurants, it does show how a recession can still be beneficial to some.

    One of my favorite financial advisors Suze Orman gives some great recession strategies about what consumers can do during this time and it doesn't involve spending your government refund check. 

    According to Suze, gas prices and mortgages are the biggest worries that people have.

    The most important thing to remember is that in any situation you face, your perception on what is going on and how you cope with it, will either allow you to overcome it or fall victim to it. Every negative situation doesn't have to have a negative outcome. Be smart with your money and how you use it. Embrace change with an open mind and look for the lesson to be learned. After all, if we never have to struggle, we'll never know just how strong we really are. 



    Aaron Fields writes for KSTW-TV in Seattle. All opinions expressed in this column are his.

     
  • If we never have to struggle, we'll never know just how strong we really are.